Trying to find a reputable moneylender singapore can be a daunting task, if you have no idea of what to look for in a dealer. For starters, it is paramount to find a legal and licensed creditor. The main reason that people borrow money is to improve their lives or inject money into a business but the wrong money lending business can ruin your life.
Borrowing from an illegal lender can wreck havoc in your life in the long-run, making your bad financial situation worse. This guide will help you chose the best money lender available in Singapore, to save yourself from getting entangled with unscrupulous businesses.
1. The lender should be registered
Looking for the right lender can be time-consuming. Save yourself the time and energy and do a simple search on the Ministry of Law website. The site often displays a list of law-abiding lenders. The government has put in place rules and regulations for lenders to follow, failure to which the government penalizes and declares the dealer illegal.
Ask the moneylender singapore for an operating license, then compare it to the one that appears on the Government website. Start by matching both the government and lender’s license numbers and see if they are the same. If the digits are the same, you can proceed and start making arrangements to borrow from the lender.
2. Ask about the Company’s interest rates
Do not sign an application form before you gather information concerning your loan’s interest rate and payback period. Different companies vary when it comes to rates and terms, and you should go for the one that best suits your needs. Compare several companies and find out which one works best for you.
3. Read the fine print
Many people get themselves into unfavorable situations because they sign forms in a hurry without reading the fine print. Look at the clauses and seek the services of a lawyer to elaborate their meaning. Ensure that there are no hidden fees that may increase the amount that you will pay back.
4. Find out how long it takes to process your loan
If you need an emergency loan, it does not help to borrow from a company that takes too long to process an application. You can ask around or search for reviews on the Internet. A good company is one that approves your loan instantly. If the company has good reviews, go ahead and sign the application form.
The most important thing is to take time before signing a moneylender singapore contract. That way, you will be protecting yourself or your business from a surprising turn of events that may land you in serious trouble.